June 27, 2012
The SEC should consider the chances for fraud and misrepresentation in any action proposed. The US capital markets are, by reputation, the most upright of any in the world. Anything that could change this should be avoided. In my opinion it is most important that a change which would allow, for example, hedge funds to advertise to the general public is wrong. There is too much fraud and deception now. As an investor I get, on average, more than one class action suit request per month. This is outrageous.
My former employer, Nalco Chemical Company, is an example. I got not one but 4 forms to participate in a settlement negotiated by the SEC regarding insider trading. I sent the paperwork in in January. My loss was estimated, as part of the process, at $12K. I have heard nothing since.
The SEC needs more teeth not less. People need to go to jail.
Thank you for reading this response.